AVGC sector has potential to become torch bearer of Brand India: Piyush Goyal

New Delhi, Aug 28 (KNN) Animation, Visual Effects, Gaming and Comics (AVGC) has the potential to become the torch bearer of “Create in India” & “Brand India” said Union Minister of Commerce and Industry Piyush Goyal. 

He was addressing the valedictory session of 2nd edition of CII SummitFX 2021 – AVGC & Immersive Media Summit on Friday.

''AVGC is growing at 9 per cent and expected to reach ~Rs 3 lakh crore (43.93 billion dollars) by 2024 (CAGR of 13.5 per cent). The Minister said that this sector has the potential to become the torch bearer of “Create in India” & “Brand India,” he asserted.

Goyal further said that AVGC sector has channelised the creative energy of our youth during the pandemic and it has the power to project India’s creativity globally.

He also said AVGC in India can expand in Multiple Dimensions due to our Multilingual & Multicultural Society and we must focus on making content that has a local flavour with an international appeal.

''In the spirit of “Local goes Global: Make in India for the world”, AVGC sector must look beyond boundaries to reach new horizons,’’ he added.

The Minister in his address said that from Pre-Production to Post-Production AVGC sector can bring cost competitiveness and efficiency at each touchpoint adding, ''Goyal said that production cost in India is 1/3rd-1/4th of Western countries and ~25 per cent of our South East Asian counterparts.''

''100 per cent FDI allowed in major segments of industry and global players are exploring opportunities in India,'' he said.

Goyal said Global investments have risen along with demand for talents in animation & VFX. He said it has been informed that 11 AV/ Gaming units have presence in SEZs also.

All stakeholders must take full advantage of this opportunity to lower the cost of production, he said.